Sen. Rounds gives updates on U.S. Senate activity
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HURON – A bipartisan banking bill that rolls back one-size-fits-all regulatory burdens on community banks and credit unions will enable them to provide the services consumers want, Sen. Mike Rounds, R-S.D., said Thursday.
Seven provisions that he championed are included in the legislation, which passed the Senate Wednesday but faces a more uphill battle in the House because members of that chamber want to do more, he said.
“It will strengthen our financial system and allow smaller and midsized banks to focus on serving their communities, not complying with layers of bureaucratic demands,” Rounds said of the version of the bill that 67 senators supported.
Among the provisions he proposed are those that would streamline federal rules and expand the ability of federal savings associations or thrifts to offer loans to more families and businesses, free small banks from completing arduous and expensive tests, make it easier for banks with less than $3 billion in assets to raise capital, and give rural appraisal relief in cases when borrowers apply for loans less than $400,000 and have trouble finding a qualified appraiser.
Megan Olson, president and chief executive officer of the Independent Community Bankers of South Dakota and Curt Everson, president of the South Dakota Bankers Association, are applauding the legislation that they said will enable banks to meet the needs of their customers.
“They really play a vital role in helping businesses thrive,” Rounds said of banks and credit unions.
“This bill, I think, is a really good step,” he said.
In a conference call with reporters, he said the smaller banks weren’t part of the problem leading up to the Great Recession which started a decade ago and aren’t part of the problem now.